Acadia Pharmaceuticals said its experimental drug remlifanserin narrowly missed the primary endpoint in the Phase 2 RADIANT program for Alzheimer’s disease psychosis, although the 60-milligram daily dose produced a nominally significant improvement on a key secondary measure of overall disease severity. Acadia plans to advance the 60-milligram dose into Phase 3, remove the ineffective 30-milligram arm from two ongoing Phase 3 studies, and continue a separate Phase 2 trial in Lewy body dementia psychosis. Citigroup cut its price target for Acadia to $33 from $40 but retained its Buy rating after the result. Shares were reported down about 10.4%-10.5%.